Oil companies ‘invest US$2.4 billion’ exploring Ethiopia

Christmas Tree in Ethiopia. (Image source: Ethiopian Ministry of Mines)Christmas Tree in Ethiopia. (Image source: Ethiopian Ministry of Mines)The Ethiopian Ministry of Mines has announced that nine foreign companies are currently exploring Ethiopia for oil, investing a total of US$2.4 billion in the process

Ethiopian state media reported that the companies are currently exploring Gambella, South Omo, Somali, Afar and Ethiopian Rift Valley areas.

The companies’ exploration plans are at various stages of implementation.

According to the ministry, PetroTrans has been licensed to explore the Ogaden area in Somali State for oil while discussions with a company interested in exploring the Gambella Basin are ongoing.

A number of overseas companies are focussing on the Gambella Basin, on the border with Sudan, which is believed to have oil deposits.

Previous reports indicated that Tullow Oil is planning to start drilling its first well in Ethiopia by the end of 2012, while China’s BGP Geo Services is also conducting a seismic survey of South Omo.

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